Congress Seeks Daily and Weekly Small Business Loan Updates

Would be informative to hear the views of Small Business Anons on this legislation.

S. 3604 Transparency and Oversight of COVID-19 Small Business Assistance Act introduced May 5 would seek daily accounting and weekly reports from the Small Business Administration and loans disbursed under the stimulus relief packages. Does state information released to be consistent with FOIA (15 USC 552). Currently the bill is in committee in the Senate and govtrack states only 6% chance of passing.

Congress wants oversight of the activities yet did not include such measures in the original relief bills. In the next “stimulus relief” bill, being solely negotiated in the Democrat Caucus, will such oversight requirements be provided to aid for state governments, a detailed accounting?

S.3604 - Transparency and Oversight of COVID-19 Small Business Assistance Act

https://www.congress.gov/bill/116th-congress/senate-bill/3604/text

https://www.govtrack.us/congress/bills/116/s3604

Excerpts:

SEC. 2. FINDINGS AND PURPOSE.

SEC. 3. DEFINITIONS.

SEC. 4. REPORTING REQUIREMENTS FOR COVID-19 RECOVERY SMALL BUSINESS PROGRAMS.

(h)(2) Information about cares act recipients and lenders.—

(A) the name of each business or nonprofit organization borrower or grantee;

(B) the address of the principal place of business of each borrower or grantee;

(C) the name and address of the principal place of business of each lender;

(D) the amount of each loan or grant;

(E) the North American Industry Classification System code of each borrower or grantee;

(F) whether each borrower or grantee is a franchisee; and

(G) the type of business of each borrower or grantee.